Philadelphia Firm Receives $200K SBA-backed Loan

SBA Intermediary Loan Program investment by Ben Franklin Technology Partners helps Novetas Solutions create jobs with innovative, 'green' product

PHILADELPHIA, Feb. 17, 2012 /PRNewswire-USNewswire/ -- U.S. Small Business Administration officials, leaders from federal, state and local government gathered at the Philadelphia Navy Yard to mark the first Intermediary Loan Program loan in Pennsylvania today.

(Logo: http://photos.prnewswire.com/prnh/20110909/DC65875LOGO)

The investment from Ben Franklin Technology Partners/SEP to Novetas Solutions, LLC, will expand jobs for the company's green, worker friendly products. Novetas produces and sells "New Age Blast Media," an innovative alternative sandblasting abrasive made from 100% recycled glass used for blast cleaning and preparation of surfaces including bridges, pipes, ships and cars.

"Novetas has already put the much needed ILP Funds to good use by hiring additional staff and building our inventory of New Age Blast Media to meet the needs of the abrasive blast industry," said Novetas Solutions President Paul J. Mellon, Jr. "We hope to be well positioned to serve abrasive blast employers nationwide. Our green-based, crushed glass abrasive is safe for workers and the environment, so it's a winning combination for the use of taxpayer dollars to help create jobs."

"The loan Ben Franklin Technology Partners is making is a good example of how the program enables SBA to partner with community lenders to increase access to capital for small businesses like Novetas," said SBA Regional Administrator Bridget Bean. "It's a great start for the program in Pennsylvania."

Philadelphia's Ben Franklin Technology Partners/SEP was selected by SBA as one of only 20 lending organizations to participate in the ILP pilot program which makes loans up to $200,000 to qualifying small businesses. Authorized by the Small Business Jobs Act of 2010, the new program provides direct loans to organizations like Ben Franklin Technology Partners/SEP, which in turn uses those funds to help finance small businesses, mostly in underserved markets.

"This new source of capital from the SBA is very welcome by us and our companies, at a time when risk capital for technology entrepreneurs is scarce," said RoseAnn B. Rosenthal, President and CEO of Ben Franklin Technology Partners/SEP.

"Startups, newly established and growing small businesses like Novetas now have a new SBA-backed source of financing through organizations like Ben Franklin," said Bean. "ILP is an important new tool to support businesses in underserved markets."

For more information, or to request interviews or photos, please contact SBA Regional Communications Director Rob Goza at 610-382-3088 or [email protected].

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SOURCE U.S. Small Business Administration